雅本化学在2025年上半年通过一系列积极的经营策略和管理措施，实现了业绩的显著改善。展望未来， 随着研发投入的持续增加、农药业务产能的持续释放和医药业务的不断拓展，雅本化学有望在激烈的市 场竞争中脱颖而出，实现更加稳健和可持续的发展。 在研发投入方面，雅本化学持续加大投入，2025年上半年研发费用达到5818.89万元，同比增长 49.46%。公司农药与医药业务的厚积薄发，得益于对长期主义的坚守及持续的研发投入。公司以研发 创新为核心抓手，有效推动连续流技术、生物酶催化技术等绿色技术在农药、医药CDMO业务中的广泛 应用；同时，通过持续加大绿色实践投入以达成SBTi减碳目标，推动研发创新体系向更高效、更环保 的方向升级。在此过程中，公司积极推进大客户战略的执行，深化与关键客户的合作，确保公司在复杂 的农药与医药CDMO业务中始终保持领先优势，为客户创造长期价值。 中报显示，公司农药板块率先回暖，订单环比大幅增长。这一复苏态势，正是过去两三年持续投入"播 种"后迎来的收获期——依托大客户战略，各大核心生产基地在与科迪华、拜耳、富美实等头部创新农 业企业的深度合作中，稳步推进多款创新农药中间体及原药产品的布局、投 ...

Group 1: AI Application Company Valuation - ARR (Annual Recurring Revenue) is more suitable as a valuation anchor for high-growth AI businesses, with valuations for high-growth AI startups generally around 50 times ARR or higher [1][6][7] - Examples of valuations include OpenAI and Anthropic at approximately 40-60 times ARR, while AI tools like Runway and ElevenLabs are valued at 55 times and 40 times ARR respectively [6][7] - The assumption for a 50 times ARR valuation is based on a projected compound annual growth rate of 100% for ARR over the next three years and a steady-state net profit margin of 30% [7] Group 2: 瑞达期货 (Ruida Futures) - The company has a solid brokerage, asset management, and risk management foundation, expected to benefit from the development of the futures industry, leading to performance growth [2][8] - The brokerage business is robust, with commission rates above the industry average, and the asset management CTA scale and performance are industry-leading [8][9] - The forecast for 2025 indicates a year-on-year increase of 11.2% in net profit to 425 million yuan [2][8] Group 3: 快手-W (Kuaishou-W) - The company is expected to achieve net profits of 17.7 billion yuan, 21 billion yuan, and 24.4 billion yuan from 2025 to 2027, with corresponding PE ratios of 17.5x, 14.8x, and 12.7x [3][12] - Kuaishou focuses on AI-driven technology and continuous product upgrades, providing diverse services in entertainment, online marketing, e-commerce, and local life [12][13] - The competitive landscape in the short video industry is stable, with Kuaishou and Douyin holding over 60% market share [13] Group 4: 药石科技 (YaoShi Technology) - The company achieved revenue of 920 million yuan in the first half of 2025, a year-on-year increase of 23.48%, while net profit decreased by 26.54% [4][15] - The CDMO business continues to grow, with new orders increasing by 19.88% year-on-year [15][16] - Revenue forecasts for 2025-2027 are 1.931 billion yuan, 2.287 billion yuan, and 2.747 billion yuan, with growth rates of 14.4%, 18.4%, and 20.1% respectively [17]

Group 1: Company Strategy and Development - The company implements a "2+X" strategy focusing on innovative pharmaceuticals and agricultural chemicals CDMO business, establishing stable partnerships with leading global companies [2] - The production system is structured around "six cores + two collaborations," enhancing the R&D process from laboratory to commercial production [2][3] - The company aims to create a comprehensive "R&D-production" lifecycle chain to support high-end innovative products [2] Group 2: Agricultural Chemicals Business - The company has established a production capacity of 2,000 tons/year for chlorantraniliprole intermediates at the Nantong base, serving international agricultural clients for over a decade [3] - The Yancheng base has a production line for custom pesticide projects with an annual capacity of 500 tons, expected to start supplying next year [15] - The Lanzhou base has achieved a production capacity of approximately 500 tons/year for innovative pesticide intermediates, with an additional 1,000 tons/year capacity under installation [15] Group 3: Pharmaceutical Business - The company has over 20 years of experience in the pharmaceutical CDMO sector, providing comprehensive solutions from early drug development to commercial production [12] - The Taicang base has a production capacity of 60 tons/year for the raw material Levetiracetam, while the Malta base supports over 20 types of pharmaceutical raw materials [9] - The Lanzhou pilot base has established a production line for antiviral drug intermediates with an annual capacity of 15 tons [9] Group 4: Strategic Partnerships - The collaboration with Heng Rui Medicine exemplifies the company's "big client strategy," focusing on innovative product commercialization [12] - Plans for 2025 include launching 5-10 cooperative products, with at least 10 products planned for 2026 [11] - The partnership has expanded from small-scale experiments to comprehensive strategic cooperation across multiple therapeutic areas [12] Group 5: Future Outlook and Investment - The company is preparing to invest in new projects and expand production capacity, with over 100 acres of land reserved for future pharmaceutical and agricultural projects [9] - The company anticipates a gradual recovery in agricultural business performance as new projects are implemented [16] - Continuous investment in core technologies and service capabilities is expected to drive high-quality development in the pharmaceutical sector [12]

Group 1 - Yabonn Chemical has signed a strategic cooperation agreement with Heng Rui Medicine, establishing a partnership to enhance their competitive edge in the innovative pharmaceutical sector [1] - Heng Rui Medicine is recognized as a leading enterprise in China's innovative drug field, with significant achievements in drug research and development for major diseases [1] - Yabonn Chemical focuses on innovative pharmaceuticals and agricultural CDMO, implementing a major client strategy to optimize its pharmaceutical client structure and promote healthy business development [1] Group 2 - The company has decided to terminate the planned acquisition of a stake in Haotian Technology, citing strategic focus and resource allocation considerations [2] - The termination is influenced by the successful advancement of strategic cooperation with major clients like Heng Rui Medicine, leading to a preference for funding new product lines and R&D projects [2] - Yabonn Chemical aims to enhance its competitive position in the innovative pharmaceutical CDMO business by deepening external resource collaboration and optimizing resource allocation [2]

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [2]. Core Views - The report highlights that the company has transformed into a leading player in the domestic CDMO sector, ranking in the top five of the "Top 20 CDMO Companies in China" for five consecutive years since 2020 [10][12]. - The company aims to expand its CDMO operational projects to 3,000 within 2-3 years, with 10-20 projects entering commercialization annually [10]. - The report emphasizes the company's comprehensive upgrades in both technical investment and manufacturing capabilities, which are expected to drive future growth [80]. Summary by Sections Section 1: Progress in CDMO Sector - The company has accumulated over 20 years of experience and has shifted from a traditional API company to a leading small molecule CDMO provider [10]. - The company has established a solid foundation for CDMO development through its extensive experience in chemical synthesis and production processes [11]. Section 2: R&D Capabilities - The company has significantly increased its R&D investment, expanding its CDMO R&D personnel from over 500 to an expected 1,000 in the next two years [32][41]. - It has established three major R&D centers globally and eight technical platforms to enhance its project acquisition and cost control capabilities [32][42]. Section 3: Manufacturing Advantages - The company maintains a strong manufacturing capability with a total chemical synthesis capacity of 11,000 m³ and a total biological fermentation capacity of 6,570 m³ [63]. - It has received multiple international certifications, including WHO, FDA, and EU EDQM, which enhances its service capabilities for global clients [63]. Section 4: Future Growth Potential - The company has signed confidentiality agreements with 572 domestic and international innovative pharmaceutical companies, indicating strong client engagement [66]. - The report notes that the company has 116 API projects, with 22 already commercialized and 15 in the validation stage, providing a robust growth pipeline [66]. Section 5: Financial Projections - The company is projected to achieve a net profit of 1.0 billion, 1.2 billion, and 1.5 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding PE ratios of 17, 14, and 11 [80].

Group 1 - The CDMO industry is a crucial partner for pharmaceutical companies, providing process development and production services. China has over 220 million talent resources, giving the CDMO industry a strong competitive edge [3][9]. - From 2018 to 2023, the Chinese CDMO market grew at a compound annual growth rate (CAGR) of 39.9%, increasing from 16 billion RMB to 85.9 billion RMB. It is projected to reach 208.4 billion RMB by 2028 and 536.9 billion RMB by 2033 [3][9][10]. - The industry is entering a new phase characterized by "technology deepening, global expansion, and ecological integration," but it faces challenges such as geopolitical issues, overcapacity, and technological disruption [10]. Group 2 - The report highlights that the medical and pharmaceutical sectors saw mixed performance, with six sub-industries showing varied returns. Medical devices and traditional Chinese medicine led the gains, while medical services and pharmaceutical commerce had lower increases [11]. - The report indicates that the valuation levels for the chemical pharmaceutical sector were the highest at 78.81 times, followed by biological products at 61.33 times, while traditional Chinese medicine and pharmaceutical commerce had lower valuations [11]. - The report emphasizes the increasing focus on early-stage projects in the CDMO industry, with 63.2% of financing events occurring in the A+ round or earlier, indicating a trend towards supporting emerging companies [10].

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, but there are signs of marginal improvement and potential for future growth driven by its chemical macromolecule business [1][2]. Financial Performance - In 2024, the company achieved revenue of 5.805 billion yuan, a year-on-year decrease of 25.82%, and a net profit attributable to shareholders of 949 million yuan, down 58.17% [1]. - The adjusted net profit, excluding non-recurring items, was 850 million yuan, reflecting a decline of 59.63% year-on-year [1]. Business Segments - The small molecule API business generated revenue of 4.571 billion yuan in 2024, with an 8.85% year-on-year increase when excluding large orders [3]. - The chemical macromolecule CDMO segment saw a revenue increase of 13.26% in 2024, with a project completion count of 227 [4]. - The company delivered 48 commercial projects in 2024, generating revenue of 2.804 billion yuan, with a 4.16% increase when excluding large orders [3]. Order Growth and Future Outlook - The company signed new orders that increased by approximately 20% year-on-year, with a total order backlog of 1.052 billion USD, representing over a 20% increase compared to the previous year [2]. - The chemical macromolecule business is expected to double its revenue in 2025, contributing significantly to overall performance [4]. - The company anticipates that the small molecule PPQ projects will reach 12 in 2025, laying a foundation for future growth [3]. Investment Considerations - The company is positioned as a leading small molecule CDMO supplier, focusing on integrated services in intermediates, APIs, and formulations [5]. - Adjusted revenue forecasts for 2024-2026 are 6.648 billion, 7.615 billion, and 8.809 billion yuan, respectively, with corresponding EPS adjustments [5].